The Forex industry has been booming and nowadays, the market can be divided into old-school brokers and new hip brokers which have been around since recently. There is no rule anymore of what makes a good broker, the broker either fits you or not. Some traders prefer experienced brokers, but yet there is a group of traders who want the hip, modern brokers who are dynamic and vivid. As I said, there is no rule anymore in the industry, and the industry is based on traders’ preferences. This review concerns an old-school broker who has decade-long experience and who is successfully keeping up with the completion, regardless if old or new. This Fibo Group review will explain what this broker is about and where the broker put down its roots.
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Background Information
This broker was established in 1998, and since then on, it dominates the market in Austria, Cyprus, the British Virgin Islands, Russia, Germany, Ukraine, Singapore, Shanghai, etc. We can see that the broker has spread around the globe with its business policy and can be found in Europe and Asia. The broker operates under two licenses; the first one is the FSC from Mauritius, which is not known for good conduct and smooth implementation. Even if the FSC tries its best, the lack of political will ties the hands of the Commission to act properly. The second license is luckily far way better. We are talking about the CySEC license which is very renowned on European soil. This license provides trust of traders and ensures that the company produces good results. Let us see what else Fibo Group offers regarding trading.
Platforms
Fibo Group relies on the Meta Quotes house and offers two of its great inventions. Of course, we are talking about Meta Trader 4 and 5. The MT5 is an upgraded version of its predecessor the MT4. Still, both platforms operate on the same principles and offer the same exquisite trading features, with the difference that the MT5 does not support hedging. This is one of the reasons why many stick to the MT4. Others prefer the MT5 since it supports certain features unavailable with the MT4. All in all, both platforms are in demand and both have their user-base. Fibo Group also provides the cTrader platform aimed at ECN services. Even if both MTs support ECN, the cTrader was custom-made and does not offer a dealing desk section. This platform links traders automatically to the best quotes and different liquidity providers.
Account Types
The broker offers no dealing desk accounts only which are divided according to platform type. There we have, for example, two MT4 accounts one is commission-free and the other is not. The MT4 No Commission account offers 38 Forex pair, no CFDs, floating spreads, and no requotes. The account can be opened with a minimum of $300. For the same money, you can open the MT4 NDD Commission account which offers even more competitive spreads and is suitable for traders who like to use scalping and other strategies. The MT5 and cTrader accounts come with a minimum deposit of $500. Both accounts offer deep liquidity and include some extra features (e.g. account management, etc.).
Fibo Group Bonus
Finally, we encounter a broker who offers decent bonuses. Currently, they offer a 100% deposit bonus for opening the MT4 NDD account with an upper limit of $10,000. The broker also runs seasonal and time-limited promotions which include very creative ideas like Ramadan bonuses for Muslims, bonuses for smartphone users, etc. Traders usually enjoy to get a little bonus here and then, but Fibo Group offers very lucrative promotions which can bring in real money. The most important thing before applying for a bonus is to read the broker’s Bonus Terms and Conditions to find out if the bonuses sound better than they are. Be prepared to meet certain requirements to be eligible for bonus withdrawals.
Funding Options
When it comes to funding your account and withdrawing your profits, Fibo Group offers a large variety of payment methods. Look at the list below:
• Wire transfer
• Skrill
• WebMoney
• Qiwi
• BaoFoo
• Payoneer
• DixiPay
• OKPay
• FasaPy
• Neteller
• SafeCharge
• RegularPay
The broker offers indeed a series of payment methods, but they also charge withdrawal fees for all methods. Bank transfers include a 30-50 USD fee, while the rest ranges between 0.50% TO 2-3%. Withdrawal processing time also depends on the payment method ranging from 1 day to 10 days.
Customer Support
The broker offers the standard contact forms for traders who need help or guidelines regarding their account, funding, the market, etc. You can reach the Fibo Group support team via e-mail, phone line, live chat, and even fax. The customer support is at your disposal 24 hours a day, 5 days a week. If you should have any questions or concerns, just turn to the support team which will kindly help you.